Xinyi Energy (03868) and Xinyi Solar (00968) jointly announced that, following a recommendation received from the China Securities Regulatory Commission on August 26, 2026, the fund manager submitted a China listing application to the CSRC and the Shenzhen Stock Exchange on September 21, 2026.

The Shenzhen Stock Exchange confirmed and accepted the application on September 24, 2026.

If implemented, the disposal of the target entities and the China listing will constitute a possible spin-off, which would fall under Practice Note 15.

Xinyi Energy and Xinyi Solar, as the controlling shareholder of Xinyi Energy, will submit a Practice Note 15 application to the Hong Kong Stock Exchange in due course.

In connection with the possible spin-off, Shanghai Guotai Haitong Securities Asset Management Co., Ltd. has been appointed as the fund manager and will establish the Xinyi Energy New Energy Fund in China as a closed-end infrastructure securities investment fund.

As stated in the draft China offering and listing document, which remains subject to any subsequent changes, the Xinyi Energy New Energy Fund is currently expected to raise approximately RMB 1.62 billion through a public offering of the fund in China.

Immediately after the completion of the fund's public offering in China and the China listing, the target entities will cease to be subsidiaries of Xinyi Energy.

The disposal of the target entities is expected to allow the Xinyi Energy group to realize the economic value of the target projects, being solar farm projects operating under the feed-in tariff system, within a relatively short period of time.

The disposal of the target entities, which own and operate the target projects, will also allow the Xinyi Energy group to generate recurring fee income from the operation and management services provided by the service operator.